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Vacant land and Manufactured Housing

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hal

Sophomore Member
Joined
Apr 4, 2002
Professional Status
Certified Residential Appraiser
State
Michigan
What are some good sources to prep for vacant land and Manufactured Housing appraisals. I would like some info with samples as well. Comp search sources, Cost approach info would be invaluable.

Thanks in advance again home team
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Read Fannie Mae guidelines that went into effect 6/30/2002: Section 102.02 - Unacceptable Appraisal Practices, Section 304 - Factory Built Housing.

Appraiser links above, Fannie Mae guidelines, ADFINET link, register, it is free, and print out.

My article at:

http://www.naifa.com/gram/2001oct/stratton-oct01.html

Articles on the following Appraisal Boards (even though they might not be your state)

http://www.talcb.state.tx.us
From the investigators: Assemblage as applied to Manufactured Housing

http://www2.state.ga.us/grec/greab/greab/g...wsanufhsng.html

http://www.reab.state.al.us/news/manuf_hous.htm

http://www.llr.state.sc.us/POL/RealEstateA...rs/reanews2.pdf

http://www.llr.state.sc.us/POL/RealEstateA...rs/reanews5.pdf

http://www.ncab.state.nc.us/FAQ.htm
Article titled: What is a Legitimate Manufactured House Comparable for the URAR?

Find comparables that were exposed to the market at arms length transactions, land/home packages or created sales that were not exposed to the market are not acceptable.

See the National Homeownership Center Reference Guide secton on manufactured homes and the foundation that is installed would be required to be inspected by a professional engineer for FHA financing. Also get a copy of the Permanent Foundations Guide for Manufactured Homes as soon as possible. That is what FHA requires, but it is a good source and illustrations of the various types of foundations.

While observing the subject get photos and all the information from the HUD label at the left rear of each section and the data plate (a letter sized piece of paper with a map of the USA) that might be found in the master bedroom closet, cupboard somewhere, by the electrical service panel, inside the door of the furnace, etc. FHA requires the information from the HUD label. Fannie Mae requires the information from the data plate.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
halmorgan, you might want to try Lincoln Graduate Center as a source. I believe those are Title I loans that involve NADA appraisals.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Yes, you need to learn the NADA system even if you don't go on the FHA list. Costs about $300/year for forms, software and NADA books as I recall.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
The NADA system is for appraising manufactured homes and mobile homes that are personal property and do not include any land. It is NOT applicable or usable for real property when the land and manufactured home are a single entity. I have never attended a NADA class since I do not appraise manufactured or mobile homes as personal property. But I am sure a class could be beneficial, just to learn about the different construction quality, designs, types, etc of factory built housing like manufactured homes, mobile homes, park models. Yes, at times even park models sell as real property when they are set up on land owned by the owner of the park model. And if the paper work can be completed so that it can be taxed as real estate, a lender somewhere will be willing to make a loan. Fannie Mae, Freddie Mac, FHA and VA will not make a loan on a park model, but some lenders will do in house financing. Park models are very popular with snow birds in planned unit communities where they can go away for the summer and the property management company will guard their property while they are gone. Those setups can get very expensive, but do include lots of community amenities. Although I have seen them on acre or larger lots--which always looked weird to me!
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
The Lincoln Graduate School course is probablly the best for just getting to understand the Manufactured Home. Did the NAIFA Manufactured Home Course BUT wish Joann would do one
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
I've decided I'm sick to death of "manufactured" homes. We called the lender regarding the proposed manufactured home we were asked to appraise, went to the local dealer where the home was ordered from, and asked to see their "modular" which is similar to the proposed one we're appraising. We saw the HUD/Seal Label, the map on the closet wall, and the steel frame under carriage. We called the lender and told him the appraisal will be done as a manufactured doublewide. Guess what? After all the work, the lender cancelled the order and is looking for another appraiser who will call it a "modular" and NOT a manufactured home. I don't care about that; we stick to our guns. But, what a waste of time, even if we only bill this lender for the trip charge to the lot inspection.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I refuse to do a new home to be set on a lot. The reason is that I'm going to hit it 20% for economic obsolescence at least based on the market. There are pages of these things in the paper for sale. They buy them, live in them a year, then bail. The lender takes them back, refurbishes them to almost new condition, and you can move in for minimal bucks at a much lower price.

Just rather not deal with the issue - not worth it.

Roger
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
This is a constant issue around here. There are homes being placed on residential properties all over the county, for which folks pay full tab, all the site improvements etc, and this is 'NOT A SALE'.

Most of the repos were trashed at takeover... Again not a 'normal sale'.

But SOME of the buyers of those new 'turnkey' properties ARE considering the few near new in good condtion homes out there before buying and building their own.

I am currently wrestling with how to define the percentage of loss due to modular or manufactured 'drive off the lot' value. It is there, I CANNOT however seem to quantify what the buyers are thinking! Some few of the things go for full tab, some obviously get hit for some market perceptioon of 'used', even though they are very very clean.

It seems to be more dependant on which agency lists the house :? than any other factor. We do NOT have an oversupply ofhtese things areound here, and new ones go up every day... there is market desire.

What are you all seeing in YOUR areas?
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
It will be very difficult to identify what the drive off the lot discount is because the majority of dealer sales were to people that shouldn't have been buying anyway! The only way is to locate some large down payment or cash buyers from the dealers and then compare to resale value. The others had very creative financing with inflated trade in or inflated sale price or something to cover up the fact the buyer didn't have a down payment or had large debts that had to be hid in the sale price/delivery/installation charges, etc. so they could quality for the loan. So their original purchase price is probably bogus. Just did some wandering around on the Mortgage Grapevine, some interesting questions regarding financing--appears to becoming very difficult to get.
 
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